Fitch Ratings recently upgraded Enda Tamweel S.A.’s (Enda) National Long-Term Rating to ‘BBB(tun)’ from ‘BBB-(tun)’ and affirmed the National Short-Term Rating at ‘F3(tun)’. The Outlook on the National Long-Term Rating is Stable
The rating agency said the upgrade principally reflects Enda’s improving funding profile relative to other domestic issuers’, including other non-bank financial institutions’ (NBFI).
This is primarily due to Enda’s good access to development finance institution (DFI) funding, as evident by an increasing proportion of DFI funding in Enda’s funding mix.
Fitch believes that Enda will maintain adequate access to DFI funding in the short- to-medium term.
The rating action also reflects Enda’s more limited reliance on short-term funding than most other Tunisian NBFIs’.
Fitch said the Stable Outlook reflects its expectation that upside and downside rating risks are equally balanced relative to peers’.
